Cambridge Analytica’s Bankruptcy & How it Effects You
Cambridge Analytica has proceeded to file for bankruptcy and as part of the bankruptcy process, that means selling their assets at auction. But what assets belong to Cambridge Analytica and how does that affect you?
In a bankruptcy case, when there are assets that are not exempt, meaning not protected under bankruptcy law, those assets are transferred to the Trustee which sells the assets at a public auction.
Monies derived from the sale of the assets accomplishes two things: it pays the trustee’s fees, and the remaining portion of monies is distributed to creditors. In Cambridge Analytica’s case, what are their assets?
Non Exempt Assets in a Bankruptcy Case
Cambridge Analytica’s assets would include the obvious such as computers, desks, tables, etc.. However, more importantly and worth more than anything else, is Cambridge Analytica’s information/data.
That data will be sold at public auction, which means anyone can buy the very same data that got that got Cambridge Analytica in trouble in the first place. That data was obtained via Facebook which could possibly be information on hundreds of millions of users.
As a bankruptcy attorney, I routinely receive emails from Trustees on assets that are for sale at auction on their websites. Those assets could be anything from cars, motorcycles, boats, jewelry, to more unique assets such as royalty payments of a celebrity, an article I published recently on actor Joey Lawrence’s bankruptcy.
Cambridge Analytica has caught national media attention since the company allegedly violated Facebook’s rules in order to obtain the data of its users.
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